Economics Quiz 65

1 / 50

What country had the second largest area of forest ?

Russia

Canada

Brazil

United States

2 / 50

The study of human group behavior is the definition of________________?

geology

psychology

sociology

none of the above

3 / 50

The Untied States Constitution provides for the________________?

doctrine of elitist pluralism

doctrine of executive privilege

principle of federalism

concept of polis

4 / 50

According to Schumpeter ?

Monopolies are productively efficient

Monopoly profits ac as an incentive for innovation

Monopolies are inefficient

Monopolies are alocatively efficient

5 / 50

All of the following shift the supply of watches to the right except ?

a decrease in the wage of workers employed to manufacture watches

an increase in the price of watches

All of these answers cause an increase in the supply of watches

an advance in the technology used to manufacture watches

6 / 50

What is the share of K.P.K in the total population of Pakistan ?

12.70%

15.50%

13.40%

14.80%

7 / 50

Name a default on debt and obligations by a major financial institution that disrupts the stability of the economic system ?

Bad debt

None of them

Debt bomb

Debt blast

8 / 50

Taxes may be considered_____________?

injections into the economic flow

additions to the circular flow

withdrawals from the economic flow

as not affecting the economic flow

9 / 50

NAFTA binds which three countries into a single commercial entity ?

United States Canada Puerto Rico

Mexico Panama Costa Rica

United States Cuba Mexico

United States Canada Mexico

10 / 50

If we consider the impact on both consumers and producers, then protection of the steel industry is ?

Not in the interest of the U.S as a whole, but it might be in the interest of the state of Pennsylvania

Not in the interest of the U.S as a whole, nor in the interest of the state of Pennsylvania

In the interest of the U.S as a whole but not in the interest of the state of Pennsylvania where steel mills are located

In the interest of the U.S as a whole and in the interest of the state of Pennsylvania

11 / 50

All of the following are debit items in the balance of payments except ?

merchandise exports

private gifts to foreigners

foreign aid granted to other nations

capital outflows

12 / 50

Many U.S firms have sought relief from foreign competition by demanding protectionism policies by the U.S government. A better way for companies to compete is to expand into foreign markets and ?

join into cartels at home

lower prices

continuously improve their products at home

increase promotion both at home and abroad

13 / 50

The difference between gross investment and net investment is ?

depreciation of the existing capital stock

inventories

dwellings

productive investment

14 / 50

USA is the chief exporter of_________________?

Wheat

None of these

Iron Ore

Both of these

15 / 50

Suppose an oligopolist individually maximizes its profits. When calculating profits, if the output effect exceeds the price effect on the marginal unit of production, then the oligopolist ?

has maximized profits.

is in a Nash equilibrium

Should produce fewer units

Should produce more units

16 / 50

________ is screening new product ideas in order to spot good ideas and drop poor ones as soon as possible?

Idea generation

Idea screening

Brainstorming

Concept development and testing

17 / 50

Psychologists researching the causes of prejudice have found that_______________?

it may have an evolutionary origin

it is directed at a target from a different group

all of the above

it is caused by anger

18 / 50

Up till now how much of the water-logged and saline land has been reclaimed ?

18 million acres

16 million acres

12 million acres

14 million acres

19 / 50

What is mortgage______________?

Conveyance of company security for debt

Guarantee for debt

Conveyance of property as security for debt

Assurance of debt repayment

20 / 50

An increase in productivity should ?

Lead to a contraction of supply

Lead to a shift in supply outwards (i.e more supplied at each and every price)

Lead to an expansion of supply

Lead to a higher equilibrium and lower equilibrium quantity

21 / 50

A congested toll road is ?

a common resource

a good produced by a natural monopoly

a private good

a public good

22 / 50

Mention the theory of inflation or price increase that results from so-called excess demand ?

Demand push inflation

Demand-pull inflation

Cost-push inflation

Demand curve theory

23 / 50

Higher export demand __________ output and a higher MPZ __________ output?

increases, increases

reduces, increase

reduces, reduces

increase, reduces

24 / 50

During the 1980s and 1990s a period of economic conservative governments in much of West and Japan, a leading approach among development economists was ?

neoclassicism

Rostow?s model

Marxism

classical appraoch

25 / 50

Equilibrium in the circular flow of income occurs when ?

There is a Bank Holiday

Injections withdrawals

None of these

Injections = withdrawals

26 / 50

Which Catholic nation displays high birthrates ?

Mexico

France

Italy

Ireland

27 / 50

In stratified societies categories of people are ranked by______________?

all of these

wealth

prestige

power

28 / 50

In 2003, the UN Development Program estimated that a 1-percent LDC per capita consumption growth, with income inequality unchanging, would reduce the poverty percentage by _________ percent yearly?

0.5

29 / 50

People manipulate the social world which helps them to______________?

take over the environment

change the nature of the physical environment

adapt to the environment

regulate the environment

30 / 50

Which of the following statements is False ?

For a market to be contestable, the product must be produced with a labor-intensive technology

participants in a contestable market are continuously faced with competition or the threat of competition because entry is cheap

In a contestable market forces will guarantee that the firms produce efficiently or be driven out of business

In a contestable market, economic profits cannot persist in the long run.

31 / 50

The production of wheat in 2001-2 dropped by 2.9 percent. What was the size of wheat crop this year ?

18475 thousand tones

13475 thousand tones

19475 thousand tones

16475 thousand tones

32 / 50

Suppose the equilibrium price for apartments is Rs500 per month and the government imposes rent controls of Rs250 Which of the following is unlikely to to occur as a result of the rent controls?

Landlords may discriminate among apartment renters

Landlords may be offered bribes to rent apartments

There may be long lines of buyers waiting for apartments

the quality of apartments will improve

33 / 50

G. MacDougal compared export ratios and labor productivity ratios for the United States and the United Kingdom in order to test the:

Linder theory of overlapping demand all of the above

Ricardian theory of comparative

Heckscher Ohl in theory of comparative advantage

None of these

34 / 50

Which round of international trade negotiations resulted in the creation of the World Trade Organization ?

Kennedy Round of 1964-1967

Doha Round of 2003-2007

Tokyo Round of 1973-1979

Uruguay Round of 1986-1993

35 / 50

The overall poverty rate is highest among______________?

women

children under 6

black males

the elderly

36 / 50

Amount of money needed to purchase the goods and services required to maintain a certain standard of living called ?

None of the above

Cost of life

Cost of living

Basic requirement

37 / 50

The AD schedule indicates that _______ inflation is associated with ________ output?

zero, zero

lower, lower

higher, higher

higher, lower

38 / 50

The Industrial Revolution______________?

none of the above

caused few sociocultural changes

began in England in the 1800s

is already finished

39 / 50

Crimes that are tolerated more than others because they seldom include violence include_______________?

price fixing

data rape

all but B

40 / 50

Resources are defined as______________?

none of the above

everything that is made by people

everything needed for the production of goods and services including human energy

everything found in the ground

41 / 50

Central banks prefer to fix the ____ and accept the resulting _____?

interest rate equilibrium money supply

demand for money, interest rate

demand for money equilibrium money supply

interest rate, demand for money

42 / 50

Which of the following countries lead in the production of Mica in the world ?

USA

India

Japan

China

43 / 50

Weber,s ?Protestant Ethic?is_______________?

a refutation of economic determinism

an explanation of Third-World underdevelopment

a rejection of the ideological function of religion

a vindication of the morality of capitalism

44 / 50

Unemployment benefits may increase the unemployment rate because unemployment benefits ?

enable people to quit searching for work

reduce the cost of job search

encourage people to quit their jobs

reduce the benefits of additional job searching

45 / 50

What was the second sheep producing country ?

India

Australia

United kingdom

China

46 / 50

Which one is the dominant source of foreign exchange earning ?

Agriculture

Foreign remittance

Manufacturing

Textile

47 / 50

Loas Ginger is otherwise known as_______________?

Galangal

Ghialiangale

Glalangal

Ghalingale

48 / 50

With the tariff the government collects?

$150,000

$75,000

$100,000

$125,000

49 / 50

Concerning a government?s trade policy, all the following generally apply except ?

because domestic consumers outnumber domestic producer?s policy markers usually enact Free-trade policies to satisfy the consumer majority:

economic downturn and recession generally result in greater protectionism

Policy tends to favor freer trade in countries whose imports are inputs into critical industries

When domestic exporting companies are organized, policy tends to favor freer trade

50 / 50

According to Weber?s thesis ?

Protestants disapproved of accumulating wealth

Roman Catholicism expressed its asceticism in a secular vocation

capitalism was most advanced in Protestant countries

Protestants failed to restrict extravagance and conspicuous consumption

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